ANCFX vs XLF: 7% overlap
American Funds Fundamental Investors A and Financial Select Sector SPDR Fund share 7.1% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published about 4 months apart — ANCFX as of 2026-03-31, the rest through 2026-07-23. Each fund is compared using its most recent file, so any trading in between shows up as a difference.
You would hold two tickers and get the diversification of 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
ANCFX and XLF hold 29 of the same securities. The ten contributing most to the overlap figure:
| Holding | in ANCFX | in XLF | Δ |
|---|---|---|---|
| V | 1.2% | 7.4% | 6.2% |
| JPM | 0.5% | 11.9% | 11.4% |
| MA | 0.5% | 5.4% | 5.0% |
| TFC | 0.5% | 0.8% | 0.3% |
| KKR | 0.5% | 0.8% | 0.4% |
| PGR | 0.4% | 1.5% | 1.1% |
| MRSH | 0.4% | 1.1% | 0.7% |
| APO | 0.3% | 0.7% | 0.4% |
| COF | 0.3% | 1.6% | 1.3% |
| BLK | 0.3% | 1.9% | 1.6% |
Where ANCFX and XLF differ
Sector weights as a share of each fund, ordered by the size of the gap rather than the size of the sector — two funds that overlap heavily still usually diverge somewhere.
| Sector | ANCFX | XLF | Δ |
|---|---|---|---|
| Financials | 8.1% | 99.9% | −91.7pp |
| Information Technology | 27.8% | 0.0% | +27.8pp |
| Industrials | 12.0% | 0.0% | +12.0pp |
| Consumer Staples | 9.4% | 0.0% | +9.4pp |
| Unclassified | 9.3% | 0.0% | +9.3pp |
| Communication Services | 9.0% | 0.0% | +9.0pp |
| Consumer Discretionary | 8.9% | 0.0% | +8.9pp |
| Health Care | 6.2% | 0.0% | +6.2pp |
Δ is ANCFX minus XLF, in percentage points. Sector data is not published by every issuer, so “Unclassified” is a real category rather than a gap in the table.
What each fund holds alone
92.0% of ANCFX by weight, held in no part of XLF.
25.8% of XLF by weight, held in no part of ANCFX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| ANCFX | XLF | |
|---|---|---|
| Top 10 holdings | 34.1% | 57.0% |
| Positions held | 233 | 78 |
| Cost per $10,000 held, per year | $61 | $8 |
Cost is the expense ratio applied to $10,000; it excludes any brokerage commission, bid-ask spread or tax consequence. Figures are facts about the funds, not a suggestion about which to hold.
Frequently asked
How much do ANCFX and XLF overlap?
ANCFX and XLF overlap 7.1% by portfolio weight — largely distinct portfolios. They share 29 holdings. The figure comes from current issuer holdings files (ANCFX as of 2026-03-31, XLF as of 2026-07-23).
How is the overlap between ANCFX and XLF calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If ANCFX holds a stock at 6% and XLF holds the same stock at 4%, 4% counts as shared. The result is bounded between 0% and 100%, and it is computed after looking through any fund-of-funds to the underlying holdings.
Is it redundant to hold both ANCFX and XLF?
That depends on your goals — we state facts, not advice. At 7.1% overlap, each fund still contributes meaningfully distinct exposure.
What does ANCFX own that XLF doesn't?
ANCFX holds 233 positions and XLF holds 78; 203 of ANCFX's positions don't appear in XLF at all, and they are 92.0% of ANCFX by weight.
You probably hold more than two funds
This page compares ANCFX and XLF. Paste your whole portfolio — brokerage, 401(k), IRA — and see the overlap across every fund at once, plus what you actually own underneath them and your own Effective Funds number. Free, no account, nothing stored.
X-ray my portfolio — free →Watch ANCFX vs XLF
We re-read both funds’ published holdings every weeknight. Leave an address and we'll tell you when what's inside actually changes.
Not sending yet — email alerts are built but switched off, and you'll be among the first when they turn on. No spam, one-click unsubscribe.
Related comparisons
Sources: issuer holdings files, ANCFX as of 2026-03-31, XLF as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.